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I should probably learn how this all works but thought I'd ask.
When doing your taxes, how do the deductions work. I know I can deduct $2500 worth of my student loan interest. Is that a dollar for dollar type thing?
For example, if I'm going to get $2000 back, but I also have that deduction...does it raise my return to $4500?
No. The deductions lower your taxable income.
Same way with mileage on my car used for work purposes?
Correct. All itemized deductions lower your taxable income, thus lowering your tax liabilitiy.
You need over $5,700 in deductions, if single, to itemize. Otherwise, the standard deduction of $5,700 is your best deal. Married filing jointly is $11,900.
well hells bells. Hopefully I have a decent amount coming back to me. I'll know in a couple hours.
I believe student loan interest is over and above the $5,700/$11,900. Ill have to check. Its been a year since I did my taxes.
A sheet I have said you can't deduct any more than 2500 bucks. I could be wrong.
That could be. My interest is $500-$600 each year. What I meant was, I dont think student loan interest is a "standard deduction", so you can claim the SD and the interest, I think.
I'm paying mostly interest right now since I just started paying my loans back a couple years ago. I paid about 5500 in interest last year.
Holy smokes. I got lucky. My folks paid for most of it. I left with a $11,000 student loan bill.
I can't wait for the day when I'll actually have to itemize deductions rather than just take the standard one.
Because then I will finally have made it. Like getting my name in print.
And if you don't get that reference (although that would be severely disappointing)
Navin R. Johnson sees his name in print for the first time!
Wiser is the man to listen to on this subject. He's a banker. I always wanted to be a banker...
Newman got a $75 fine for speeding.
What's his alibi? When Newman called, Kramer supposedly told him he was committing suicide. All because he failed to become a banker. After that phone call Newman could do nothing but rush home to stop Kramer.
Of course he has to pay the fine...... hilarious :P
I knew this was it when you said you left him a video
Haha, I did too.
You are a lucky man. I paid for my 5 years of college on my own. I worked every year while in school and it still isn't pretty. Haha.
We ended up taking the standard deduction plus the 2500 deduction for the student loans. When we itemized out my business expenses, it made more sense to do the standard than itemized. Next year will probably be itemized since we are buying a house and what not. We'll see. Getting a few grand back, so it was a successful visit to the accountant.
No clue what you are talking about...
This was my first year of fully taking advantage of itemizing - Mortgage Interest & property taxes really helped, I was really surprised how much it helped actually.
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